Spectral Analysis for Comparing Bitcoin to Currencies and Assets

We present an analysis on variability Bitcoin characteristics that help to quantitatively differentiate from the state-owned traditional currencies and asset Gold. provide a detailed study returns of exchange rates—against Swiss Franc—of several together with Gold; for purpose, we define distance between by means spectral densities ARMA models rates, computed matrix distances chosen currencies. A statistical these is further proposed, which shows any other currency or Gold not comparable involving Bitcoin. This result essentially different Gold, at least in what concerns structure its variance auto-covariances.